President Dr Arif Alvi on Saturday approved the Finance (Supplementary) Bill 2022 under article 75 of the Constitution.
The bill, generally known as ‘mini-budget’ and drew ire of the opposition, was passed in the National Assembly (NA) on January 13.
صدر مملکت ڈاکٹر عارف علوی نے آئین کے آرٹیکل 75 کے تحت فنانس (سپلیمنٹری) بل، 2022 کی منظوری دے دی
فنانس بل 13 جنوری کو قومی اسمبلی سے پاس ہوا تھا
— The President of Pakistan (@PresOfPakistan) January 15, 2022
The passage of the bill was one of the demands of the International Monetary Fund (IMF) for the resumption of tranches under the $6 billion Extended Fund Facility (EFF).
Read more: NA rejects opposition’s amendments on mini-budget
The law has revoked tax relaxations on various luxury items according to Finance Minister Shaukat Tarin.
Addressing the National Assembly (NA) while tabling the bill, the finance minister had assured that only luxury imported items would be taxed in the mini-budget while daily-use items would still enjoy exemption.
Read more: Mini-budget debate in NA: Opposition alleges government for striking flimsy deal with IMF
The new taxes are expected to raise Rs343 billion in the remaining portion of the fiscal year.
